Looks like it still happens if the game is run without the -aspect parameter as well. The reticle seems to be clipping into and through the car, flickering a little as it sinks in. Lingering z-index problems, maybe? Though it happens whether shaders are enabled or not.

The targets used a rather high depth bias. I reduced it enough so it still appears in close view. It's fixed for the next release, but let me know if it acts strangely on any custom cars (I tested some and it was ok).